June 7, 1935 (17th Parliament, 6th Session)

LIB

Ian Alistair Mackenzie

Liberal

Hon. IAN MACKENZIE (Vancouver Centre):

If I may refer to the point raised by the Prime Minister, I submit with all respect that the legislation proposed to be introduced by the hon. member for New Westminster (Mr. Reid) does not in the slightest degree interfere with the agreement to which the right hon. gentleman has referred. It only implements it and strengthens it, proposing that the Bank of Canada shall not have less than that actual amount specified in that agreement. With respect to the point raised by my right hon. friend yesterday, I submit that this cannot possibly affect either revenue or expenditure as suggested, nor can it affect the Bank of Canada even if, Mr. Speaker, you construe the Bank of Canada to be the agent of the minister. I think the point raised by the Prime Minister now is raised more or less on grounds of public policy, and I suggest with the utmost deference, after a careful examination of both sections of the proposed bill, that it does not in the slightest degree interfere with the international agreement; an the contrary, it seeks definitely to implement the terms of that agreement.

Topic:   BANK OF CANADA ACT
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